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Bitcoin Payments Market by Component (Hardware, Software, and Service) and Industry Vertical (E-Commerce, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027
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COVID-19
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Bitcoin Payments Market
Request Now !The global market for bitcoin payments is experiencing considerable growth, and is expected to expand as crypto-currencies are gaining popularity across the world. Bitcoin payment services provide a globalized transaction network that allows fast & efficient transfer of bitcoin across the globe. The payments for bitcoins are executed via smartphones and tablets. Moreover, bitcoin transactions are considered relatively cheaper, owing to lower transaction fees. With these features, a retailer and other users obtains a secure and credible identity in digital world of crypto-currencies.
COVID-19 scenario analysis:
- During the wake of the economic downturn, bitcoin's value has been on the rise for the past month.Â
- With no disruptions, banking partners are accepting payments at any time while maintaining business relationships without significant delays, as well as customers received timely customer service in the market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Lower transaction costs for executing bitcoin payments and greater transparency in extremely competitive exchange rates are some of the factors that drive the market growth. However, stringent government regulations across various regions and lower awareness toward payment for bitcoins are some of the factors that limit the market growth.
Conversely, rise in popularity of bitcoins and acceptance of digital currencies in emerging economies are some of the factors expected to create lucrative opportunities for the market in upcoming years.Â
The global bitcoin payment market trends are as follows:
New prepaid card launches to flourish the market:
New prepaid card launches in the market are gaining momentum for bitcoin payments. For instance, in June 2020, Bitpay, which is a blockchain payment provider, introduced a prepaid debit card that enables U.S. consumers to spend their crypto assets as a fiat currency. In addition, the card uses Europay, Mastercard, and Visa (EMV) chip for contactless payments, providing adequate protection, and can be used for internet transactions or cash withdrawals from ATMs.
Growth in acceptance of bitcoin transactions:
Rise in growth of businesses and merchants accepting bitcoin globally is one of the major trends in the bitcoin payments market. Moreover, rise in number of customers looking for opportunities to spend their digital bitcoins on purchases and transactions is expected to boost the market. With rise in acceptance of blockchain and digital currencies worldwide, several companies are providing payment-related technologies that make and receive payments in crypto-currencies.
Market scope and structure analysis:
           Report Metric |               Details |
 Market size available for years |  2019–2027 |
 Base year considered |  2019 |
 Forecast period |  2020–2027 |
 Forecast units |  Value ($) |
 Segments covered |  Type, Industry Vertical, and Region |
 Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa |
 Companies covered | Major players analyzed include Coinpayments, Inc, BitPay, Coinbase, CoinGate, Spectro Finance Ltd, GoUrl.io, GaragePreneurs Internet Pvt Ltd, GoCoin LLC, Shopify Inc, and CoinsBank |
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Key benefits of the report:
- This study presents analytical depiction of the global bitcoin payments market along with the current trends and future estimations to determine the imminent investment pockets.  Â
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global bitcoin payments market share. Â Â Â
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario. Â Â Â Â Â Â
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.  Â
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Key segments covered:
         Segments |               Subsegments |
  Component  | Â
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  Industry vertical  |
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Questions answered in the bitcoin payments market research report:Â
- Who are the leading market players active in the bitcoin payments market?
- What would be the detailed impact of COVID-19 on the global bitcoin payment market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the global bitcoin payments market?
- What are the projections for the future that would help in taking further strategic steps?
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